Culper report cites employee saying Alibaba representatives accompanied Huang on visits; Huang Le’s business card lists her as a Shanghai Hexi partner
Short-selling firm Culper Research released a report in May 2026, citing an anonymous claim from a person who said they were a current Megaspeed employee, saying that whenever Jensen Huang visited the relevant sites, Alibaba representatives also appeared on the same day or in the same week, and that this was not an occasional phenomenon. The report described the relationship between Jensen Huang and Alice Huang (Huang Le) as “uncomfortably close” and mentioned photos of them together in Taipei in June 2024 and in May 2025. The employee’s claim has not been independently verified.
The business card provided by the user shows Huang Le’s title as partner and general manager of Shanghai Hexi Investment Management Co., Ltd., with the address at Aurora International Tower, 99 Fucheng Road, Lujiazui, Pudong New Area, Shanghai. English-language media reports said Huang Le had been listed in a China private equity fund database and online resume as an executive director or fund manager at Shanghai Hexi, and that the firm had invested in game company The9 Limited. Some public records of Megaspeed show a historical connection with The9 Limited’s Singapore business.
The U.S. Department of Commerce and the Department of Justice are investigating whether Megaspeed circumvented export restrictions through Southeast Asian routes, and Nvidia said its own checks found no evidence that chips had been smuggled. The inference in the Culper report regarding Alibaba-related financing was based on public documents, but it did not provide complete evidence of fund transfers.
Original sources:
Title: How Short Seller Culper Research Had Highlighted Jensen Huang's "Uncomfortably Close" Relationship With Alice Huang 6 Months Before Their Affair Was Revealed Publisher: OfficeChai (relaying the Culper Research report) Publication date: 2026-11-09 URL: https://officechai.com/ai/how-short-seller-culper-research-had-highlighted-jensen-huangs-uncomfortably-close-relationship-with-alice-huang-6-months-before-their-affair-was-revealed/ Source nature: media relay of short-seller report Verification: This reading of the relevant English report and business card screenshot was conducted, verification date 2026-11-08 Supported content: supports the anonymous employee’s claim that Alibaba representatives accompanied visits, the relationship description, and Huang Le’s public association with Shanghai Hexi
ABAB AI Insight
The core of the Culper report is to link Megaspeed’s large-scale Nvidia equipment purchases with possible demand from Chinese customers. The anonymous employee claim is a qualitative supplement in the report, not independently auditable transaction records. Alibaba appears in public discussion as a potential end user, but the report itself does not provide complete funds-flow or contract evidence. This differs from Nvidia’s own inspection conclusion.
The business card for Huang Le and online database records show her partner status at Shanghai Hexi. English-language reports connect that background with The9’s investment relationship, while Megaspeed’s Singapore entity is linked in some records to a split-off or renamed connection with The9’s overseas business. This constitutes a public path description from a China gaming/investment background to a Singapore computing-power procurement entity, but the equity structure and actual control relationship still require further confirmation from company registration documents.
On the chip procurement path, public reports focus on a pattern in which orders were placed under the Singapore entity and equipment was received by the Malaysian subsidiary Speedmatrix. U.S. investigators are focused on whether the equipment was actually deployed or may have been transferred to China. Nvidia and Megaspeed both deny improper diversion, and there are currently no public criminal charges. The anonymous employee claim exists alongside these investigations, but it does not replace regulatory documents.
What this material adds is the anonymous description in the Culper report about Alibaba representatives visiting, as well as the public record of Huang Le’s Shanghai Hexi identity. The observation points are whether the U.S. Department of Justice releases further investigative progress, and whether Shanghai Hexi or The9 issues an official statement related to Megaspeed.
ABAB News · Law of Cognition
Anonymous employee claims need to be checked separately against company registration documents and regulatory investigation results, and cannot alone constitute a confirmed funds or control relationship.
A Shanghai investment background and a public connection to a Singapore entity do not mean that circumvention of export restrictions has already been confirmed.